Types of Business Ownership in the U.S.
An unincorporated business owned and run by one person, with no legal distinction between the business and the owner is what type of business structure?
What is a Sole Proprietorship
Number of requirements to become an Entrepreneur?
What is zero specific professional requirements to become an entrepreneur.
The practice of making one's living or making money by producing or buying and selling products.
What is Business?
Planning, Organizing, Leading, Controlling
What is the P-O-L-C Framework.
A time management tool that allows you to categorize tasks based on their urgency and importance.
What is the Eisenhower Matrix?
Shares assets, profits, debts, liabilities, and management responsibilities.
What is a Partnership.
Strong written and verbal skills are important for understanding clients and business proposals.
What is Communication
Any item or medium of exchange that symbolizes perceived value.
What is money.
Involves ensuring that performance does not deviate from standards.
What is Controlling
Tasks that require immediate attention, such as addressing a pressing issue or finalizing a project before a deadline.
What is Urgent and Important.
Protect owners from personal liability for debts, obligations, and liabilities. Profits and losses can be passed through to the owners' personal income without corporate taxes. Can have an unlimited number of members, who can be individuals, partnerships, trusts, or corporations.
What is an LLC (Limited Liability Company).
Finding a profitable business idea
Developing a product
Validating your product
Writing a business plan
Securing funding
Launching your business
Managing your business
What is Steps to becoming an Entrepreneur
The process of recording, classifying and summarizing financial transactions.
What is Accounting.
Managers must first understand their subordinates’ personalities, values, attitudes, and emotions.
What is Leading
Tasks that have little to no impact on your goals, like browsing social media or engaging in office gossip.
What is neither Urgent or Important
Elects to pass corporate income, losses, deductions, and credits through to their shareholders for federal tax purposes.
What is an S-Corp.
Crucial to the US economy as they drive a significant portion of job creation, contribute substantially to GDP, foster innovation, and provide a pathway for individuals to participate in the economy, essentially acting as the backbone of the American business landscape
Entrepreneurship and Small Business
A process where two or more parties work together to reach an agreement on a matter of mutual concern. The goal is to find common ground, resolve conflict, and exchange value.
What is Negotiating.
Involves setting objectives and determining a course of action for achieving those objectives.
What is Planning
The ability to use one's time effectively or productively.
What is Time Management
Used to grant tax-exempt status.
What is a Non-Profit
Tax-exempt status means they don't pay state or federal income taxes on any profits it makes.
Crucial for today's businesses because they enable companies to differentiate themselves from competitors, adapt to rapidly changing market dynamics, meet evolving customer needs, and drive sustainable growth by developing new products, services, and processes that create a competitive edge and open up new opportunities in the market; essentially, they allow businesses to stay relevant and thrive in a dynamic business landscape.
Entrepreneurial Thinkers
The ability of a company's management to set and achieve goals, inspire others, and outperform competitors.
What is leadership.
Structure the team: Assign roles and responsibilities to individuals within the organization.
What is Organizing.
Tasks that contribute to long-term goals, like strategic planning, employee development, and relationship-building.
What is Important but Not Urgent